Two first two headlines of our wrap account for the market moves today.

Weidmann sent the euro to 1.3428 from 1.3380. It wasn't a revelation and that's why EUR/USD stagnated and then slipped back below 1.3400.

The Brainard comment came late in the day and the market was slow to grasp the meaning (but we weren't). USD/JPY and the yen crosses have been marching steadily higher and tripping some buy stops. Offers ahead of 94.00 are holding so far.

The risk trade wasn't a driver today as the S&P 500 traded in a 5 point range around unchanged. USD/CAD hit 1.0084 but overbought conditions led to a steady slide back to 1.0043.

The comments from Yellen suggested no change in the QE status quo for the foreseeable future but Yellen is noted dove and the market hardly moved except for a $5 blip in gold.

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